Good morning, SqueezeFinders!
Yesterday was another day of nearly pushing back through 500 for the $QQQ tech index, but all the bullish action was in premarket. This was followed by a continuous sell-off through the intraday trading session to finish the day flat as a pancake. However, that didn't stop our system from locating some great ideas, and more setups continue to present from the live watchlist. It is very likely we might not see QQQ tech index convincingly over 500 until after the election. At which point, we will see squeeze plays and candidates increasingly continue to rocket higher.
Now, we will focus on the key levels for the $QQQ tech index.. The main support levels that bulls need to hold are 493.7 pivot, 489, 486 pivot, 481, 479, 468, 458, and 450 pivot before extending the correction to 440-420 range. On the other end of analysis, we need to break back over resistance levels at 497, and 498.8 to try at a 500-level test!
Today's economic data releases are:
- 🇺🇸 Retail Inventories Ex Auto (Sep) @ 8:30AM ET
- 🇺🇸 Goods Trade Balance (Sep) @ 8:30AM ET
- 🇺🇸 S&P/CS HPI Composite (Aug) @ 9AM ET
- 🇺🇸 JOLTs Job Openings (Sep) @ 10AM ET
- 🇺🇸 CB Consumer Confidence (Oct) @ 10AM ET
- 🇺🇸 Atlanta Fed GDPNow @ 10:30AM ET|
- 🇺🇸 7Y Note Auction @ 1PM ET
- 🇺🇸 API Weekly Crude Oil Stock @ 4:30PM ET
Here are some tickers with nice charts and/or upcoming scheduled events to keep on your radar going forward, and their respective confidence levels ranging from 1-3 🍊. (Please note that confidence levels are subjective to personal observation and strategy, and should be reviewed individually prior to assuming success potential)
📙Breakdown point: BELOW this price, the move will lose momentum significantly in the short-term, as shorts will gain confidence encouraging them to short more. Reducing probability of a squeeze without a catalyst.
📙Breakout point: ABOVE this price, the move will gain momentum significantly in the short-term, as shorts losses will increase pressuring them to cover. Increasing the probability of a squeeze occurring, especially if with a catalyst.
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$BTDR
Squeezability Score: 60%
Juice Target: 15.6
Confidence: 🍊 🍊 🍊
Price: 9.37 (+24.4%)
Breakdown point: 8.0
Breakout point: 12.0
Mentions (30D): 0 🆕
Event/Condition: Rel vol spike + Short-term bullish momentum + Strong with Bitcoin over 70k. -
$HUT
Squeezability Score: 57%
Juice Target: 26.1
Confidence: 🍊 🍊 🍊
Price: 17.21 (+15.5%)
Breakdown point: 14.5
Breakout point: 21.1
Mentions (30D): 0 🆕
Event/Condition: Rel vol spike + Short-term bullish momentum + Strong with Bitcoin over 70k.
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